FD Interest Rate: Kotak Mahindra Bank, one of the largest private sector banks in India, has changed the interest rates of its fixed deposits. The new rates have come into effect on 8 September.
Kotak Mahindra Bank
There are many financial instruments that can give you good returns, but fixed deposits remain the favorite among many investors. The reason is the same guaranteed returns, reliability and low risk. Fixed deposits are popular among various classes of investors, from salaried people to senior citizens. There are some banks that are offering attractive interest rates for FDs.
Kotak Mahindra Bank, one of the largest private sector banks in India, has changed the interest rates of its fixed deposits. The new rates have come into effect on 8 September. Let’s take a look at the new interest rates of Kotak Mahindra Bank.
new interest rates
For deposits below Rs 2 crore, you will get an interest rate of 2.5 per cent on deposits maturing in 7 to 30 days and 2.75 per cent for deposits maturing in 31 to 90 days. After the change, FDs maturing in 91-120 days will attract an interest rate of 3 per cent, while those maturing in 121-179 days will attract an interest rate of 3.25 per cent.
Kotak Mahindra Bank account holders will get 4.25 percent interest on FDs maturing in 180-269 days. The interest rate on FDs maturing in 270-364 days is 4.4 percent.
Fixed deposits maturing in 365-389 days have an interest rate of 4.5 per cent while FDs maturing after 390 days but before 23 months have an interest rate of 4.75 per cent.
Higher interest for senior citizens
Kotak Mahindra Bank offers several benefits to senior citizens. The interest rates of fixed deposits are definitely attractive to senior citizens. In case of FDs maturing in 7-14 days, the interest rate is 3 per cent.
The interest rate offered by the bank for FDs maturing in 180 days is 4.75 per cent. If the maturity of the fixed deposit is 364 days, then the bank will pay 4.9 percent interest to senior citizens.
Based on the revised rates, Kotak Mahindra Bank is offering an interest rate of 5.4 per cent for deposits with maturities between 23 months to 2 years. Senior citizens will get 5.75 percent interest on deposits maturing more than 5 years.
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